Chapter 17 Homework Vertical Analysis of Income Statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $20,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2011 5606,000 315.120 5.290.000 $115.140 Cost of goods sold Gross pro Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net Income Required: 2012 5705,000 331,350 5373,650 5141.000 77,550 5200.550 5555.100 28,200 5103,500 78,70 5193,920 596.950 36.50 $133.320 54.540 578,70 70.500 $112.000 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Enter percentages as whole numbers. Enter all amounts as positive numbers. TH-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 Amount 2012 Percent 2011 Amount 2071 Percent S705.000 5606,000 Cost of 900 sold 331,350 315,120 Gross profit $373,650 5290,000 Sening expenses 5141.000 3115.140 Administrative expenses 77,550 78.780 Total operating expenses 216.550 5193,920 Income from operations SI55.100 Other event 28,200 35,360 Income before income $183,300 5133,320 Income tax expense 70.500 54,540 Net Income $112.800 178,780